Turnstone Biologics Corp. Reports First Quarter 2025 Financial Results and Provides Recent Corporate Highlights

Core Viewpoint - Turnstone Biologics Corp. reported its financial results for Q1 2025, highlighting a significant reduction in R&D expenses and a strategic shift following the discontinuation of the TIDAL-01 clinical studies [1][2][4]. Corporate Updates - In January 2025, the company decided to discontinue all TIDAL-01 clinical studies and is exploring strategic alternatives to maximize shareholder value [2]. - In March 2025, Turnstone received approval to transfer its shares from the Nasdaq Global Market to the Nasdaq Capital Market, effective March 31, 2025 [3]. Financial Highlights - As of March 31, 2025, the company had cash, cash equivalents, and short-term investments totaling $21.9 million [4]. - R&D expenses for Q1 2025 were $4.4 million, a decrease from $15.8 million in Q1 2024, primarily due to the cessation of clinical development activities [4]. - G&A expenses for Q1 2025 were $4.8 million, slightly down from $4.9 million in Q1 2024 [5]. - The net loss for Q1 2025 was $11.8 million, compared to a net loss of $19.6 million for the same period in 2024 [5]. - Total operating expenses for Q1 2025 were $9.2 million, down from $20.7 million in Q1 2024 [8]. Balance Sheet Overview - As of March 31, 2025, total assets were $27.6 million, down from $40.1 million at the end of 2024 [9]. - Total liabilities decreased to $7.6 million from $8.7 million at the end of 2024 [9]. - The total stockholders' deficit was $20.0 million, down from $31.5 million at the end of 2024 [9].